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Hainan's Sanya boosts service sector by diversifying it in 2021

Sanya is one of the key centers of Hainan's economic development

HAIKOU, September 28. /TASS/. Sanya's Central Business District (Hainan province) has significantly improved the productivity of its modern service system in 2021 thanks to successful industry diversification, reported the Sanya Daily. 

As the local authorities specified, new types of tourism, the financial as well as the commercial sector are playing an increasingly important role in the development of this key innovation zone of economic development. The duty free stores located there are constantly becoming more important, they have become the basis for the dynamic growth of the region's consumer sector. Among the promising enterprises located on this site and contributing to the accelerated formation of Hainan's Free Trade Port are knowledge-intensive companies - developers of top-notch technical products and large firms involved in organizing international cruises.

A flexible tax policy is one of the incentives for the successful implementation of innovations in this special financial cluster and drawing investors to it, including foreign ones. It allowed companies operating in strategically important areas to significantly reduce costs and free up some capital to create new and expand the existing projects. Equally important factors that have recently attracted the attention of priority enterprises that have established headquarters, branches and representative offices in Sanya's Central Business District is the simplification of formal procedures and the issuance of incentive grants to commercial organizations that meet the criteria set by the Hainan administration.

"In this business district, one can register a company in a day and go through the formalities for receiving benefits in two days. During this process, we were being served by a special competent service," said CEO of Caissa Group Liu Jiangtao. In his opinion, a reliable starting point has been created in Sanya for enterprises seeking to enter international markets and gain a foothold in them. 

According to statistics, 84 large projects are registered in the city's central business district, investments in which will amount to about 52 billion yuan (over $ 8 billion at the current exchange rate). Such big Chinese companies as food corporation COFCO, industrial and financial giant Poly Group, Taiping Financial Holdings have offices there. According to official estimates, in January-August, capital inflows for the implementation of the economic program in this special zone exceeded 5.53 billion yuan (more than $ 857 million), an increase of 35.8% on year-on-year. 

The city's significance

Sanya is one of the key centers of Hainan's economic development, a significant part of its income comes from the service sector. The island's administration plans to transform the city into a leading financial and economic center with advanced infrastructure, which will host the headquarters of many leading Chinese and foreign companies. This big city, also known worldwide as a first-class resort, is transforming from year to year, attracting an increasing number of investors.